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Wall Street fell after the publication of weak economic data


Février, 28 2024
watermark Economic news

On Wednesday, the US stock market showed a decline as investors continue to analyze corporate financial reports and disappointing data on the growth of the US economy.


Thus, the Dow Jones Industrial Average decreased by 0.5% to 38,875.80, the S&P 500 fell by 0.3% to 5,069.02, and the NASDAQ Composite fell by 0.4% to 15,958.23 points.


Investors are still worried about the possibility of the US Federal Reserve maintaining a high interest rate for a long time. This week, the focus is on a number of key economic indicators that may influence the Fed's future actions.


Recently published data showed that the US economy showed strong growth in the fourth quarter due to high consumer spending, but the beginning of the new year seems to be characterized by a slight slowdown. According to the data, US GDP grew by 3.2% per annum last quarter, which is slightly lower than the previous figure of 3.3% and lower than the growth of 4.9% in the previous quarter.


However, the most anticipated event of the week will be tomorrow's publication of data on the PCE price index, which is the Fed's preferred inflation indicator and is likely to have an impact on interest rate forecasts.


Fed members are also expected to speak in the coming days, after several officials confirmed that the bank is in no hurry to change monetary policy.


Investors are also evaluating the profit data for the fourth quarter. For example, shares of TJX Companies fell slightly by 0.2% after the retailer reported sales growth in the fourth quarter, but presented soft forecasts for the future.


After the close of trading, Salesforce will present its quarterly figures. Shares of Beyond Meat Inc rose by more than 55% due to strong quarterly profit figures and a forecast for an increase in margins.


E-commerce site eBay grew by 6% due to exceeding profit expectations, while Ambarella increased by 8% due to less expected losses.


On the other hand, shares of online dating company Bumble fell 10% due to weak revenue forecasts, and Urban Outfitters lost 8% due to disappointing results.


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